SEOUL (Reuters) – Uber Applied sciences Inc (NYSE:)’s CEO on Friday expressed dedication to the South Korean market, the place it’s an underdog to native tech group Kakao, and stated the platform will entice extra taxi drivers for progress.
“The very fact is {that a} taxi driver who makes use of the Uber app will make more cash, shall be extra busy,” Uber CEO Dara Khosrowshahi advised reporters in Seoul.
“We’re rising considerably quicker than the market, and we’re assured that our market share will solely develop from right here.”
Kakao has a greater than 90% market share of taxi-hailing, estimated primarily based on app utilization information.
Uber first entered the South Korean market in 2013, however pulled out because of laws that solely enable corporations with taxi licenses to supply journey providers.
In 2021, Uber re-entered the market by establishing a three way partnership with South Korea’s second-largest conglomerate SK Group, known as UT.
UT’s taxi-hailing service was rebranded as Uber Taxi in March this 12 months.
Khosrowshahi stated about 20% of South Korean taxi drivers had been on the Uber Taxi platform, and that the variety of passengers grew practically 80% year-on-year through the first half of 2024, together with a greater than doubling of the utilization by worldwide travellers to South Korea because the rebranding.